Propel was formed by Jay Reinemann and David Mort from spinning out BBVA’s corporate venturing unit.

The financial services and insurance group had initially earmarked about $100m for strategic investments in 2017 and has since backed 25 companies.

A round up of the week's new fund and incbuator launches.

Vienna Insurance is among the limited partners for a $48m seed-stage fund aimed at university spinouts in Austria.

Wanxiang's HashKey Capital vehicle is among the backers for the blockchain accelerator's venture capital fund.

The chemicals and materials conglomerate’s regional vehicle will back IoT and automotive startups in China, having already committed to a local growth fund.

Female-focused venture firm Astia has secured Mastercard as lead investor for its recently-launched early-stage fund.

University of Oxford has partnered Global Accelerated Ventures to set up a fund and venture studio aimed at challenges arising from climate change.

Advantech and Momenta Ventures have teamed for a fund set to invest $50m across the artificial intelligence and industrial internet-of-things sectors.

SoftBank was among the contributors to the $130m raised by the venture firm, created through the merger of Joa Investimentos and E.bricks Ventures.